SiriusXM Reports $867 Million in Q3 Revenue
Sirius XM Radio reported revenue of $867 million for the third quarter, up 14% from $763 million from the same period a year ago.
Net income for the third quarter 2012 and 2011 was $75 million and $104 million, respectively. Adjusted earnings before interest, taxes, depreciation and amortization for the third quarter of 2012 was $245 million, up 24% from $197 million in the third quarter of 2011.
CEO Mel Karmazin noted the satcaster added 446,000 net subscribers in the quarter for a total of 23.4 million. The company reported a “record” free cash flow of approximately $195 million for the quarter, an improvement of 159% from the $75 million recorded in the third quarter of 2011.
“We’ve used this cash to reduce our debt to its lowest level since the merger of Sirius and XM,” in 2008, noted Karmazin.
The executive did not address his recent resignation announcement.